Qorvo, Inc. (NASDAQ:QRVO) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC decreased its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 50.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 106,059 shares of the semiconductor company's stock after selling 106,889 shares during the period. Hsbc Holdings PLC owned approximately 0.11% of Qorvo worth $7,395,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of QRVO. Norges Bank acquired a new position in Qorvo in the fourth quarter valued at approximately $71,825,000. Amundi boosted its stake in shares of Qorvo by 84.4% in the fourth quarter. Amundi now owns 2,143,858 shares of the semiconductor company's stock valued at $156,673,000 after purchasing an additional 981,519 shares during the period. Wealthfront Advisers LLC grew its stake in shares of Qorvo by 8,535.6% in the fourth quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company's stock worth $65,153,000 after acquiring an additional 920,901 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Qorvo by 377.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company's stock worth $57,125,000 after purchasing an additional 645,829 shares in the last quarter. Finally, KBC Group NV grew its position in shares of Qorvo by 144.8% during the fourth quarter. KBC Group NV now owns 1,077,196 shares of the semiconductor company's stock worth $75,328,000 after buying an additional 637,087 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Stock Performance

QRVO stock traded up $1.09 during trading on Friday, hitting $70.90. The company had a trading volume of 1,955,160 shares, compared to its average volume of 2,159,909. The firm has a 50-day moving average price of $66.44 and a 200-day moving average price of $72.70. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. The firm has a market cap of $6.62 billion, a PE ratio of 253.21, a price-to-earnings-growth ratio of 15.57 and a beta of 1.38. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last released its earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.42. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The business had revenue of $869.47 million for the quarter, compared to analyst estimates of $850.13 million. During the same quarter in the previous year, the company posted $1.39 earnings per share. The company's revenue for the quarter was down 7.6% compared to the same quarter last year. On average, analysts expect that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on QRVO shares. Piper Sandler upgraded shares of Qorvo from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $85.00 to $110.00 in a research note on Monday, January 27th. Morgan Stanley raised shares of Qorvo from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $90.00 to $106.00 in a research report on Tuesday, January 21st. Loop Capital cut their price target on Qorvo from $90.00 to $75.00 and set a "hold" rating on the stock in a research note on Wednesday. Citigroup lowered their price objective on Qorvo from $72.00 to $69.00 and set a "sell" rating for the company in a research report on Wednesday, January 29th. Finally, StockNews.com raised Qorvo from a "hold" rating to a "buy" rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $91.21.

Qorvo Company Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.